Adani Power Q3 Results: Revenue Grows To Rs 8,290 Crore, But Profit Plunges 96 Per Cent

Adani Power's total expenses increased to Rs 8,078 crore in the quarter from Rs 5,389 crore 

Adani Power's operating performance for Q3 FY23 includes the performance of the 1,200 MW power plant of Mahan Energen Ltd, which was acquired in March 2022.

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Adani Power on Wednesday logged 96 per cent decline in consolidated net profit at Rs 8.77 crore for December quarter 2022-23 mainly on the back of higher expenses. In the year-ago period, the profit was Rs 218.49 crore, the company said in a BSE filing.

According to the release, the company's consolidated total income for Q3 FY22-23 stood 48 per cent higher at Rs 8,290 crore as compared to Rs 5,594 crore in Q3 FY21-22, aided by higher regulatory income, increased operating capacity, improved tariff realisation under long-term Power Purchase Agreements and revival of 1,234 MW Bid-2 PPA with Gujarat DISCOMs in March 2022.

Financial performance for Q3 FY22-23 includes the performance of the 1,200 MW power plant of Mahan Energen Ltd., which was acquired in March 2022. The revenue for Q3 FY22-23 includes one-time prior period revenue of Rs 517 crore. In comparison, one-time revenue items of this nature in Q3 FY21-22 amounted to Rs 74 crore.

Total expenses increased to Rs 8,078.31 crore in the quarter from Rs 5,389.24 crore. 

During the quarter, the company and its subsidiaries achieved an average Plant Load Factor (PLF or capacity utilisation) of 42.1 per cent and power sale volume of 11.8 Billion Units (BU), as compared to PLF of 41 per cent and power sale volume of 10.6 BU in Q3 FY22.

Operating performance for Q3 FY23 includes the performance of the 1,200 MW power plant of Mahan Energen Ltd, which was acquired in March 2022.

Operating performance during the quarter under review was constrained mainly due to high prices of imported coal and insufficient domestic fuel availability due to high power demand.

"Adani Power Ltd has consistently demonstrated its superior skills in project execution, excellence in power plant operations, and capabilities in fuel and logistics management, which has helped it turn around stressed power assets acquired under schemes of corporate debt resolution, apart from setting various benchmarks in its greenfield power plants," Anil Sardana, managing director, Adani Power said in a statement.

With resolution of most of its regulatory issues now, the company is well placed in terms of liquidity to meet its present commitments and growth requirements, he added.

Adani Power, with its strategically located and efficient power plants, is poised to gain maximum advantage from India’s growing power demand and provide stable, reliable and affordable power supply, while ensuring the betterment of communities around it, he opined.

The proposed Scheme for Amalgamation of Adani Power with six of its operating subsidiaries has received approval of its secured creditors. The amalgamation process is expected to be completed shortly, it stated.